Federal Reserve officials are split on whether to slash interest rates as President Donald Trump favors rate cuts based on his claim that the nation’s economy is thriving.

Inflation has fallen sharply and as a result Fed officials have signaled they will cut rates by as much as a half-percentage point this year. Yet it has picked up a bit in the last two months and many of those policymakers, including Powell, still want to make sure that tariffs aren’t going to lift inflation much higher before they make a move.